Airbank, a cash management platform, secured €2.5M in seed funding, led by Pia d'Iribarne and Jean de la Rochebrochard at New Wave, with participation from Speedinvest and Tiny VC.
Angel investors joined the round, including Cris Conde, Executive in Residence at Accel, Luca Ascani, an Accel Scout, and Marc McCabe, a Sequoia Scout.
Airbank is a cash management platform for startups and SMBs that offers real-time cash flow insights by connecting to the user's bank account and revenue sources. It provides multi-banking, cash flow management, and payment capabilities, aiming to become the leading finance orchestration platform in Europe.
Airbank promises CEOs and CFOs to spend less time and resources on managing their cash flow by giving them direct access to all the data they need in one platform. Customers can monitor their cash position in real-time and forecast their cash flow using smart transaction categorization. Airbank also lets users find financial data on counterparties across thousands of transactions and initiate payments. Customers no longer need to work across disjointed systems and Excel spreadsheets, thus saving time and costs, which they can use to focus on growing their business.
Airbank was started by Chris Zemina and Patrick de Castro Neuhaus, who began their careers in Fintech and Financial Services. Airbank is tapping into the digital corporate banking market that is valued at $9tn and growing by 8% annually. Instead of targeting the market by offering new bank accounts, Airbank allows its users to connect with the bank that they choose to work with.
"Open Banking has enabled smooth integrations with banks, which we can utilize to offer richer banking experiences for our users. Our vision is to build an all-in-one finance hub that connects all your financial accounts in one place. Our integrations will bring cash management, payables and receivables in a single product that is easy to use!" — said Christopher Zemina, co-founder and CEO of Airbank.
"Today, a more tech-savvy generation is taking the helm at many businesses. They look for modern software solutions with better user experiences and more automation. Airbank reimagined the product experience of what great banking looks like. There’s now a huge opportunity for Airbank to meet the complex needs of finance teams." — said Jean de la Rochebrochard, General Partner at New Wave.
Airbank connects to 2,000+ banks in the European Union and the UK including Deutsche Bank, Commerzbank, Sparkassen and Volksbanken, and all major neobanks. Available to a whole finance team, managers can set custom permissions for their team to ensure the highest data and payments compliance.
Airbank will use the funds from this investment to deliver its vision of creating the world's leading financial administration interface for modern companies, and scaling up the team across engineering, marketing, and business development.